Today's support and resistance levels:
R3: 1.5823
R2: 1.5792
R1: 1.5766
Current spot: 1.5731
S1: 1.5723
S2: 1.5701
S3: 1.5680
Technical summary:
Wave 4 dipped a little lower than the ideal 1.5705 target, with the low coming in at 1.5680. We will now be looking for a rally past minor resistance at 1.5792 and more importantly a break above resistance at 1.5877 confirming the wave 4 bottom and that wave 5 higher to 1.6446 and 1.6800 is developing to end the expanding diagonal. Short term, only a break below 1.5680 will invalidate the expected rally higher and call for a move closer to 1.5640.
Trading recommendation:
We bought EUR at 1.5720 and will move our stop higher to 1.5620. If you are not long in EUR yet, then buy near 1.5720 with the same stop at 1.5620.
The material has been provided by InstaForex Company - www.instaforex.com
